Montgomery lost $4.6 billion in taxable income from tax years 2007 to 2008. More than 82 percent of that drop comes from taxpayers with incomes of $1 million or more, county records show.

County data show that 216 millionaires who filed taxes for 2007 did not file with the state for 2008, compared with an average of 119 in previous years. While some of those not filing may have died or decided not to file a tax return, county officials said there is plenty of anecdotal evidence that Maryland's millionaires moved to more tax-friendly states.

"It's pretty clear that people did take their income someplace else," said Tim Firestine, chief administrative officer, noting that the loss of just a handful of millionaires has a disproportionate effect on the county's revenues.

Now let's do a little math, 82 percent of $4.6 billion in lost revenue is $3.772 billion which when divided by 216 millionaires comes to $17.4 million lost per millionaire. That is from a tax increase of 1.25 percent. Of course, not all the money lost is attributable just to the millionaires themselves, but also factors in things like the services they provided and bought, the capital gains that they earned, business taxes they may have generated etc. But that is a massive revenue hit.

Keep in mind that if you tax millionaires more than they already pay, they have the means and motivation to:

1. Find ways to avoid taxes--tax avoidance is legal, tax evasion is not--by sending the money off shore or putting into to tax sheltered programs; or

2. Simply up and move to a tax friendly state; or

3. Simply not make as much money--they have the funds to wait the government out.

I am sure all of these things happened.

So Mr. President--are you looking at what has happened in your own back yard when you tax the wealthy more to subsidize your income redistributionist policies--you get way less revenue.

Read more at the Washington Examiner: http://www.washingtonexaminer.com/local/Montgomery_s-budget-gap-grows-to-nearly-_1-billion-90787299.html#ixzz0l6WXpl6l

About Me

A husband, a father, a lawyer, a HUGE soccer fan and a guy who is pursuing happiness and sometimes catch it. I care about politics, but not so much that I would consider running for office, I care about education because I don't think we are doing a very good job on behalf of our kids. What else? When in doubt, you can find me playing or watching soccer, listening to music or reading.